A new hallmark of the property market
3th September 2003
Further confirmation of the steady rise in house prices comes today as TEAM, the country’s largest network of independent estate agents report property prices have shown a further rise in August of 1.6%.
TEAM’s latest national survey shows that nation-wide the average price of homes “under offer” was £172,940 in mid-August – an increase of 1.6% compared with July. The average rise in the last 12 months is now 10.7%.
The survey is based on data supplied by 558 offices of TEAM members in 16 regions across England and Wales and reflects a daily average of 3,878 homes listed as under offer by agents in the four-week period to mid-August.
As usual, the national picture conceals local blips. Two regions, Devon and North London & Herts, have reported monthly increases in excess of 4% while prices in Dorset & West Hants seem to have fallen by 3.8%.
But TEAM’s national chairman, Philip Muzzlewhite, commented, “After the Iraq war dip the market has resumed its steady rise. Steadiness is the new hallmark of the property market – a good market for buyers and sellers.”
Jim Atkins, a past president of the National Association of Estate Agents and a TEAM member, based in Dorset, said:
“For many agents August was unexpectedly productive, with a higher level of new instructions, enquiries and sales than would normally be achieved in the prime holiday month.”
“Prices remain stable, also interest rates. The active market will continue in September with buyers and sellers wishing to move in late autumn and before Christmas.”
Nigel Ellis, chairman of the North London & Hertfordshire members said that activity had increased in the upper levels of the local house market. He added, “While many of the younger, less experienced buyers are still holding back, the more experienced family buyer is taking a longer term view – if they can find the right property. The low interest rates are helping to make a move upmarket affordable.”
Nick Davies, newly appointed chairman of TEAM South Wales, commented, “The market in South Wales is certainly following the trend of a market slowing down and is getting back to normal. The message at the moment to sellers is to be careful not to overprice.”